Compucom Software Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Compucom Software Limited has disclosed receiving an Order under Section 263 of the Income Tax Act from the Principal Commissioner of Income Tax (PCIT), Jaipur-2. The order relates to Assessment Year 2022-23 where the original assessment completed on 28.02.2024 is being examined for potential revision. The tax department has flagged three issues: (1) building repair expenses of ₹85,68,190/- that may be capital in nature, (2) delayed employees' PF/ESI contributions of ₹6,19,103/-, and (3) deduction of ₹30,43,023/- under Section 80IA claimed without filing mandatory Form 10CCB. The PCIT found the original assessment order 'erroneous and prejudicial to the interest of revenue' as the Assessing Officer failed to verify these claims. No immediate penalty has been imposed, but additional tax liability with interest could arise if the revision proceeds. The company is compiling documents and will submit clarifications to the authority.
The company faces potential tax liability of approximately ₹1.22 crore plus interest/penalties if the revision is upheld. However, no immediate penalty has been imposed and the company has an opportunity to defend its position before the revision becomes final.